Display as a bar chart the periods since 1854 that are designated as U.S. recessions by the National Bureau of Economic Research (FRED code: USREC). Why has the frequency of recessions declined over time? Could improvements in monetary policy have played a role? Improvements in fiscal policy? Can you think of any other causes?

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NBER based Recession Indicators for the United States from the Period following the Peak through the Trough (USREC) Source: Federal Reserve Bank of St. Louis 0.9 0.8 0.6 H0.4 0.0 0.1 1850 1870 1890 1910 1930 1950 1970 1990 2010 2030 FRED 2013 research.stlouisfed.org